What ‘Long-Term Investor’ Really Means

我遇到的每个资产所有者都宣称他们是一个长期的投资者，与每首CEO宣称他们最大的资产是他们的人民 - 自动且不考虑它的程度，而且没有考虑太多。

它变得几乎是一条抛弃的线。我们中的许多人并没有暂停妥善定义成为一个长期投资者的意义，允许神话持有并扭曲其真正的意义。

其中一些常见的误解是长期投资意味着让你的双手从舵柄上脱离，或者只是根据指数投资。在经济衰退期间保持冷静，确实是任何长期投资者的批判性质，自满可能是杀手。“没关系，我们正在投资长期”永远不应该被用作缺乏短期或中期表现的借口。

至于索引，它们仅仅是快照及时。其中内部的公司未经本公司可持续性或长寿的公开评估。毕竟，今天只有28家公司留在指数中，34年。

spectru的另一端m, there are those who believe long-term investing means investing in illiquid assets. But it is not enough to simply invest in the so-called illiquid asset classes of real estate, private equity, and infrastructure. Long-term investors invest for the long term across every asset class – not just private markets. Locking up capital in a real estate project or a private equity fund should be no different than locking up capital in publicly listed stocks. The fact that you could sell your public market equities at the drop of a hat doesn’t mean you should – or will, for that matter.

Another myth is that the long term is “really just a series of short terms.” These are the exact words that the CIO of one of the world’s leading active fund managers said to me. While it is obviously true in a very literal sense, the inherent short-term nature of the statement is fraught with danger.

Far too much shareholder value is already being lost by the corporate world’s obsession with quarterly reporting cycles. Analysis by McKinsey and FCLT Global concluded that long-term companies delivered $7 billion more in market capitalization per firm between 2001 and 2014 than short-term peers.

当然，长期的定义取决于您的投资地平线。当然，您的投资地平线将取决于您的基金的负债和现金流量要求。对于一些投资者来说，长期可以意味着10年，而其他人可能是多代。

But this debate is a distraction. The better question is: “What does being a long-term investor mean for your organization?”

作为一个长期的投资者是关于态度，而不是时间框架。它需要基于清晰的目的，清晰的研究和富有洞察分析的信心。长期投资者大胆地大胆地讲述短期主义和勇敢的危险，足以解决自己的组织内的问题。

Culture is key, and an organization’s culture is the one that its leaders create. It’s up to them to focus on the long-term rather than quarterly or annual performance, to be consistent, and to genuinely encourage challenging the status quo.

为了激励人们认为，行动和提供像长期投资者，组织需要弥合长期投资绩效目标与职业和年度赔偿的相对短期性质之间的差距。一些机构投亚博赞助欧冠资者通过衡量他们的投资组合管理人员在一个，三年和五年绩效的融合中来解决问题。然而，这并不完美，因为这种混合物的平均最终不到3年 - 并不完全是长期的。

一个主权基金使用30年的滚动基准作为其最高级管理人员薪酬的一部分的基础。这也是它的缺点，正如一个30年的趋势开始移动，它可能需要十年来改变其轨迹。

另一个联系了所有员工奖金的比例 - 行为 - 他们如何做到他们的作用以及它们是否生活和呼吸长期投资者的价值观。这是一个很好的主意，因为行为驱动结果的简单原因。那么为什么不推动正确的行为？

In my opinion, the best solution is a blend – of overall fund performance, individual performance, team performance, and behavior.

Another pre-requisite for success at any organization is strategic clarity – and this is particularly true for long-term investors. Without clarity, your people can be rowing in any and every direction – often against one another. Organizations need clarity of what they’re trying to achieve, why, and how. A clear strategy document helps, but remember that no strategy is perfect and no strategy should be uniformly applied – there will always be exceptions that prove the rule. It is also important to acknowledge the grey areas.

We all know our world is changing at an unprecedented rate and that the mega trends of artificial intelligence, life expectancy, urbanization, and environmental change will affect us all. Long-term investors should ask themselves how their organizations capture and analyze long-term trends – and more importantly, how these insights manifest in their investment strategies.

Long-term investors should invest in sustainable companies – companies that are likely to be around for the long term. Whether a company is sustainable is based partially on standard measures like market share and profitability, but it’s also an assessment of culture. Does the company embrace change? How does the leadership avoid complacency? Is their risk management and governance appropriate? How does the company treat its employees? Its partners? Its suppliers? The societies in which it operates? Does it pay taxes or does it dodge taxes? And, yes, is it environmentally sound?

我会鼓励长期投资者与他们投资的公司从事，并谈到短期主义。真正的长期公司将勇敢地勇敢地是反周期性的。如果领导团队相信其商业模式和战略，投资人民开发，研发，广告和市场份额建设活动的最佳时间是在经济衰退期间。

对于长期投资者来说也是如此。如果您清楚地了解您的投资原则并真正相信您的投资策略，迟到是投资的最佳时间。

Don’t switch asset managers due to short-term underperformance, either. Why not judge active managers on the same factors that make up long-termism: attitude, culture, leadership, the clarity of their firm’s investment strategy, how they remunerate their investment professionals, how engaged they are with the industries and companies in which they invest, how they take advantage of long-term trends, their own financial sustainability – and whether their interests are aligned with yours.

After all, asset owners and asset managers alike want to partner with genuine long-term investors.

Campbell Macpherson是主权财富基金和机构投资者的战略变革顾问，是2018年年度商业账簿的作者，“变化催化剂”。亚博赞助欧冠